2015 (2) TMI 1240

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....elay is condoned. The application for condonation of delay is allowed. Re : CAN 12578 of 2014 The appellant Bank has approached this Court against the judgment and order dated 25th August, 2014 whereby the sale notice dated 5th July, 2014 was quashed by the learned Single Judge. Ms. Rao, appearing for the Bank submitted that the symbolic possession having been taken, sale notice could not have been interfered with. Mr. Kali, appearing for the respondent/writ petitioner submits that in view of the ratio laid in Standard Chartered Bank Vs. V. Noble Kumar & Ors. reported in (2013) 9 SCC 620 the actual physical possession must be with the appellant bank prior to issuance of sale notice. Accordingly, no interference is called for. We....

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....out resorting to such a process obtaining the possession of a secured asset is always a measure against which a remedy under Section 17 is available. 28. It can be noticed from the language of the proviso to Section 13 (3-A) and the language of Section 17 that an "appeal" under Section 17 is available to the borrower only after losing possession of the secured asset. The employment of the words "aggrieved by..... taken by the secured creditor" (emphasis supplied) in Section 17(1) clearly indicates the appeal under Section 17 is available to the borrower only after losing possession of the property. To set at naught any doubt regarding the interpretation of Section 17, the proviso to sub-section (3-A) of Section 13 makes it explicit....